Cyber security due diligence for banks in India is still a distant dream. The insecure online banking websites and phishing attacks are resulting in loss of tremendous amount of money to bank customers. However, banks are very active in repudiating their liabilities for such losses. Fortunately, the adjudicating officer appointed by respective States of India are knowledgeable enough to held the bank liable for such financial losses.

In these circumstances, the undesirable support by K.C. Chakrabarty to the accused banks, even before the result of investigation by RBI, Finance Ministry and other authorities is out, is realty unfortunate. It would also encourage banks to flout Indian regulations further as there is none to check and punish them for their wrong doings.

The evidence produced by Cobrapost sting operation is not weak evidence and that is sufficient to punish the guilty officials and banks. By releasing a sweeping statement that there are no money laundering transactions occurring in India and the evidence is not making out any civil or criminal case is premature and to a great extent childish as well.